The news that Wayne Rooney was facing a potential £3.5 million tax bill over alleged involvement in a film tax avoidance scheme has raised the profile of these dubious tax measures.
According to The Times, the Manchester United and England captain was the biggest investor in one of the highest profile film schemes.
He is believed to have been informed by HM Revenue & Customs (HMRC) that the investment is liable to retrospective tax action.
Introduced by former chancellor Gordon Brown in 1997, the schemes were popular investments among the rich and famous due to their generous tax benefits. (more…)Read More
Some months back HMRC started looking closely at VAT that was able to be recovered prior to a business registering for VAT. It was always understood that at the time you registered you could look back up to 6 months for VAT on services, and up to 4 years on goods on hand. HMRC started trying to apportion and depreciate the amount that could be recovered. They have just released this
which states that VAT on services incurred leading up to registration, and assets on hand at the time of registration, is recoverable in full (some apportionment may be required for stock on hand). This confirms the position taken by the professional VAT advisors.
It’s coming to that time of year when business owners look to provide some festive cheer for their workers and favoured customers. With that in mind, Burgess Hodgson’s VAT and Duty Specialist Greg Mayne explains how employers need to bear VAT in mind when planning their celebrations. (more…)Read More
British employers plan to hire more staff to meet demand but confidence about future investment and hiring has deteriorated because of worries about the impact of Britain’s exit from the European Union, a survey by a recruitment body showed.
The “business-as-usual attitude” among consumers so far since the vote had encouraged many businesses to plan to expand their workforces, Kevin Green, chief executive of the Recruitment and Employment Confederation (REC), said. (more…)Read More
Companies in London and the South East continue to be the biggest benefactors of the R&D tax credit scheme, according to new figures.
In total, companies received £2.45bn in tax relief for research and development last year, according to official figures, with claims rising to 22,445, an increase of £675m or 38% on the previous year.
The number of claims from small and medium-sized companies rose by 16% while large company R&D claims fell by 38%, reflecting the switch over to a new tax credit scheme for larger companies. (more…)Read More